Clock ticks down at Ontario for Goals Soccer bid

The Ontario Teachers’ Pension Plan (OTPP) has until 5pm today to make an offer for five-a-side football pitch operator Goals Soccer Centres.
By KRISTY DORSEY
Published 14th May 2012, 01:00 BST

Unless the C$117 billion (£73bn) OTPP walks away or is granted a further extension by the Takeover Panel, sources have suggested that any offer will be towards the lower end of expectations.

One analyst said he thought the company was worth “at least” 150p per share, valuing it at just under £73 million.

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“But whether it will or will not be at that level is another matter entirely,” he added. “It rather depends on whether it is an agreed, semi-friendly bid or something a bit more hostile.”

Speculation among traders is that an agreed deal which keeps the management team in charge would be accompanied by an offer at the lower end of expectations, perhaps in the region of 130p per share.

In lieu of a more generous price, executives at Goals’ East Kilbride base could receive performance-related bonuses or similar incentives. Keith Rogers, chief executive, is the company’s largest shareholder with an 8.4 per cent stake.